Medical and dental costs are expensive and it’s hard to get a tax deduction for them. But you may qualify by including every eligible expense allowed. Here’s what it takes to get a deduction and how you might be able to benefit by moving certain expenses into 2020.
Some of your medical expenses may be tax deductible, but only if you itemize deductions and have enough expenses to exceed the applicable floor for deductibility. With proper planning, you may be able to time controllable medical expenses to your tax advantage. The Tax Cuts and Jobs Act (TCJA) could make bunching such expenses into[ … ]
In the quest to reduce your tax bill, year end planning can only go so far. Tax-saving strategies take time to implement, so review your options now. Here are three strategies that can be more effective if you begin executing them mid-year: Consider your bracket. The top income tax rate is 39.6% for taxpayers with[ … ]
With health care costs continuing to climb, tax-friendly ways to pay for these expenses are more attractive than ever. Health Savings Accounts (HSAs), Flexible Spending Accounts (FSAs) and Health Reimbursement Accounts (HRAs) all provide opportunities for tax-advantaged funding of health care expenses. But what’s the difference between these three accounts? Here’s an overview: HSA. If[ … ]